IA SF431

General contractors can file a surety bond in double the amount of a disputed claim to receive release of retention funds from a public corporation, with payment due within 20 days of the bond receipt and interest accruing after 21 days if unpaid

Claimants who file claims against public improvement contracts must commence court action within 30 days of receiving a written demand from the contractor, or the claim is barred and retention funds must be released to the contractor

Principal contractors may post a retention bond equal to 5% of the original contract price as a substitute for retention funds, requiring the public corporation to release all held retention funds within 20 days

Courts are now required (changed from "may") to award reasonable attorney fees to claimants who prevail on claims for labor or materials

Principal contractors who prevail in disputes with public corporations related to contracts, retention funds, or public improvements are entitled to reasonable attorney fees